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Category Archives: Business-News

LVMH announces its takeover bid on Dior

French Luxury Group LVMH headed by the billionaire CEO Bernard Arnault has announced its intention to take over another luxury brand Christian Dior for USD 13 Billion. The news immediately reflected on the share prices of Dior which soared to a record high of 13%. Though Arnault is the Chairman of both the firms, his family only holds a controlling ... Read More »

CCI orders probe on Roche’s alleged monopoly

The Competition Commission of India (CCI) said that the Roche group tried to block market access for Biocon Ltd and Mylan Pharmaceuticals’s generic biotech drugs of its Trastuzumab drug used in the treatment for early breast cancer and metastatic gastric cancer. CCI said in its interim order that it had enough reason to order an investigation by its director-general into ... Read More »

Wipro reports marginal growth in Net Profits

Wipro announced bonus issue and also may likely to go for a buyback. TCS and Infosys has already announced large buybacks in order to make their investors reap good returns. The decision was announced yesterday when the company announced its quarterly results ending March 2017. The bonus issue is expected to be done in the next two months in order ... Read More »

Sahara’s Amby Valley receives Income Tax notice

The Income Tax department has issued a Rs 24,646-crore tax demand notice to Sahara Group’s Aamby Valley Limited after conducting a special audit of the company. During the scrutiny of records,the department, as part of a special investigation and audit into the account books of AVL, found that an income of over Rs 48,000 crore for a particular assessment year ... Read More »

Reliance registers record profit; Jio customer base reaches 11 crore

Mukesh Ambani-led Reliance Industries has posted record net profit for the January-March quarter. The net profit has registered a jump of around 12.8%, rising from Rs 7,227 crore in the year-ago period to Rs 8,151 crore in the current fiscal in March quarter. Revenues have also registered a significant jump of 38%, rising from Rs 54,189 crore last year to ... Read More »

Over 600,000 liters of blood wasted in 5 years due to lack of co-ordination

  In the last 5 years, over 2.8 million units of blood and its components were discarded by banks across India, highlighting some serious loopholes in the country’s blood banking system, reported Times of India When calculated in litres, the cumulative wastage of 6 per cent translates into over 600,000 litres — a volume enough to fill up 53 water tankers. ... Read More »

Wipro sacks 600 employees on ‘performance grounds’

The country’s third largest software services firm Wipro is learnt to have fired hundreds of employees as part of its annual “performance appraisal”. According to sources, Wipro has shown the door to about 600 employees, while speculation was rife that the number could go as high as 2,000. At the end of December 2016, the Bengaluru-based company had over 1.79 lakh employees. ... Read More »

I.T. raid on Gokulam Chit funds – unearthes Rs.1,100 crore tax evasion

I.T. officials who began their search in 76 locations across Tamil Nadu, Puducherry, Kerala and Bengaluru has stopped their search yesterday and said it would resume by Monday. The figures that has been unearthed during this raid has crossed Rs.1,000 crores. The Chennai based company was into chit fund and finance business and based on a tip of, the raids were ... Read More »

Don’t think PHFI issue has anything to do with the gates Foundation, says its director

Nachiket Mor, India director of Bill and Melinda Gates Foundation (BMGF), Responding to charges of influencing India’s health policies for their own benefit,told The Hindu in an exclusive interview that the Foundation was active in India because the government felt it added value. He said that if the government changed its mind, the Foundation will move to countries that need its ... Read More »

IKEA to sell rugs & textiles created by Syrian Refugees

The world’s leading furniture manufacturer, IKEA has announced yesterday that it would be selling rugs and textiles created by the Syrian refugees. As we now by now that the Assad led Syria is under the scrutiny of US and other nation for allegedly using the chemical weapons, the news comes as a shocker to political leaders and others. Speaking about ... Read More »

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